SEOUL, Feb 13, 2011 (Dow Jones Commodities News via Comtex) -- A South Korean consortium led by state-owned Korea Resources Corp., or Kores, recently received approval from the Panama government to develop a copper mine in the Central American country, Kores said Monday.

Kores and LS-Nikko Copper Inc. will jointly invest around $1 billion to acquire a 20% stake in the Cobre Panama copper mine and for other purposes, a Kores official said.

Kores and LS-Nikko Copper signed a contract to jointly buy the stake in 2009.